Visa backs Open USD with new stablecoin platform as Circle faces fresh competition
Visa has launched a new stablecoin platform to help financial institutions issue and manage stablecoins. The move aims to compete with existing players like Circle by offering integrated blockchain infrastructure.
The company announced on Thursday that it was launching the Visa Stablecoin Platform (VSP), an enterprise service that allows institutions to issue, store, transfer and redeem stablecoins through a single Visa-managed system. The platform launched with support for Open USD (OpenUSD), a recently introduced stablecoin from Open Standard, and includes tools for minting and redeeming the token along with wallet infrastructure for managing onchain assets.
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